West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1887-12-15
THE PRESIDENTS MESSAGE.

Immediate AMI careful consideration
Tho amount OF money annually exacto,l,
through the operation OF pres mt laws, from
tho industries and necessities OF the people
largely exceeds the sum necessary TO meet the
expenses OF the Government.
When we consider that the theory of our I'm.
stitutions guarantees TO every citlzen the full
enjoyment of all the fruits OF his industry and
enterprise, with only such do iuction as may
be his share toward the careful anl econom
ical maintenance of the Government which
protects him, IL is pain that the exaction of
more than this Is indefensible extortion, and a
culpable betrayal OF American fairness ana
justice. This wrong inflicted upon those who
bear the burden OF national taxat on, like
other wrongs, multirlics brood OF evil con
sequences. The public treasury, which should
only exist as a conduit conveying the pso-
pies tribute to it's legitimate objects of ex
penditure, becomes boarding place for
money needleSsly Withdrawn from trade and
the peoples use, thus Gripping our national
Energies, suspending our countryS devolop
ment, preventing investment i'm productive
enterprise, threatening financial disturbances
and inviting schemes OF the public plunder
Ihls condition OF our Treasury is not nlto.
gether new, and IL has moro than once of late
been submitted To the peoples Representatives
In the Congress, who alone can anply n
remedy. And yet the situation sti continues
with aggravated incidents, more than ever
preSaglng financial ConVulsion and wide.
spread disaster,
IL will not do TO neglect this situation he.
cause ITS dangers are not now palpably
imminent and apparent They exist none tho
oSs certainly, and await the Unforeseen and
unexpected occasion when suddenly they will
DO precipated on us,
On the 30th day OF June, 1885. the excess
OF revenues over public expenditures after
complying with the annual requirements OF
the sinking fund net was $I7S 5:lj "a, dur
ing the year ended June 3D. 1886 such excess
amounted 10 S49, 405, ,545. 20, and durlnn the
year ended June 30, 1887 II reached the sum
Of So, ,567 ,S4O5A
The annual contributions t. the sinkin,
iund during the three years above Specified
amounting IN the aggregate TO Sl3S O5S
3SOVl, and deducted from the sIrplus ns
stated, We're made by calling in for that pur-
pose outstanding per cent bonds of the Gov
ernment. During the six months prior TO
June 50 1887, the surplus revenue had grown
SO large by repeated accumulntions and IL
was feared the withdrawal of this great sum
OF money needed by the people would so infect
the business Of the country, that the sum of
ffs,SO4, 100 OF such surplus was applod To the
payment or the principal and interest OF tho
per cent bonds still outstanding and which
were then payable at the option of the Gov
ernment The pfecarious condition Of fnnn-
cial ahairs among the people still needing
relief, Immediately after tho gOth day of
June, 1887, the remainder OF the 8 Der
cent cent bonds then outstanding, amount
the sum OF SlS,ST, 800, were called i'm and
applied 70 the sinking fund contribution for
the current fiscal year Notwithstanding
these operations OF The Treasury Department
representations OF distress i'm busiuo As circles
not only continued but increased and atso.
lute p ril seemed at hand. In these circum.
stances the contributions TO the sinking fund
Tor the current fiscal yolr was AZ once com
pletcd by the expenditure Of $276SJ 23f 81 i'm
the purchase OF Government bonds not vet
due bearing and A. per cent interest, the
premium PAID thereon averaging about "a per
cent Tor the former and per cent for the
latter In addition 10 this the interest accru.
ing during the current year upon the ont
standing bondo1 indebtedness OF the Govern
ment was TO some extent anticipated and
banks selected as depositories of public money
were permitted 70 somewhat increase thcir
While the oxpedicnts thus employed. 10 re-
lease 10 the people the money lying idle i'm tho
ireasury, served 10 avert imme late danger
our surplus revenues have continued 10 accu-
muIate, the excess for the present vear
amounting on the LIST day OF Decomber to
800 256,1 ,1Ol 10, and estimated 10 reach the
sum OF tll3, ,OOO0O0 on the Both of June next
at which date IL "a expected that this sum
auueu 70 prior accumu.atiOns, will swell the
There SEEMS 10 b. no aqsnrsn q that with
such withdrawal from us3 OF the peoples
circulating medium, our business community
may not in the near future be objected 10
Ino mesa same distress which was quite lately pro.
duced from tho same cuuss And while tho
functions or our National Treasury should b.
Few and simple, and while its best con ifiou
would be reached, / believe Dy IFS entire dis
connection with private business interests.
yet when, by n per, ers on OF lis purposes. IL
idly ho.ds money uselesslY subtracted from
the channels Of trade. thcrs seems 10 loo
reason for the claim that s0Inn legitimate
means should be devised by the Government
20 restore in an emergency, without yvasto or
ee1travagance, such money 10 It's place among
IL such an emergency arises there uo,y
exists no clear and undoubtoi executive
PoIer OF relief Heretofore the redemption
OF three per cent. bonds, which were payable
at the option Of the Government has afforded
means for the disbursement Of ia, excess of
our revenues; but these bonds have nll boen
retired, and there arc no bonds Outstanding
the payment OF which we have the r.ght u
insist upon. The contribution u the X rkin0
fund which furnishes tho occasion Tor exUer
diture in the purchase Of bonds has boon all
Ieady made Tor tho current year, so that
there is no outlet in that direction.
In tho present state Of legislation the only
protense or any ezisting executive power 10
TesJOro, At this time, any part Of oui surplus
revenues 70 the people by ~ expenditures
Dyilsi9ts lh INC 5uppO8tion that tho Sec retary
or the treasury may enter tho market and
purchose the bon ls 0fthe Government not vet
due, at rate Of premium 10 be agreed upon
lhe only provision Of law from which such n
power could be derived T. founi in an auuro
priotiOn Till pass Il number of yeiri 10.
ana u is subject 10 the suspicion that 10 ,yae
intended as temporary and limited boo its an.
plicaUOn. instead of cOnforrns "a continuing
discretion and auth Jrity. No condition ouqht
70 exist which would justify the grant Of
power 70 n single official, upon his udgmeut
ot its necessity. 70 withhold from or release
20 tho business of tie people, in an unusual
inannor, money held Boo tho Treasury. oud
thus aiioct 40 his will, tho financial situate on
OF The country, and II it Is deemed wise io
lodge In The Secretary OF the Treasury tho
authority in The present iuncture % purchase
ponds, 10 should be plainly vested. and pro
vlded n8 far as possible with such checks and
limitations as viii deiinO this officials right
and discretion. and at The same time relieve
him from undue responsibility
In considering the question Of purchasing
bonds as means of restoring 90 circulation
the surplus money nccumulafinR in tho
treasury 10 should bo borne in mind That
premiums must Of course De- paid uuon euch
lfrchnse. that there may Dc n large part of
these bonds held as investments which connos
ge purchased at any price and that cornbina-
tlons among holders who are willing 90 cell.
may unfcasouob'y enhance tho cost OF such
bonds 70 the Government.
~ mas been suggested that tho preeouE
uondod debt might be refunded at a less rafo
on interest, and tho difference between the
oid ana new security paid in cash, thus find
ing use FOR the surplus In the treasury. The
success OF this plan 10 is apparent. must de-